Petrol price crosses Rs 85 in Mumbai, no relief in sight

Alicia Cross
May 27, 2018

Other cities, like Delhi, Jaipur, Guwahati, Bhopal, Jaipur, Chennai and others have also witnessed a continuous increase in fuel prices. The senior Congress leader said that with the fall in crude oil prices, it is possible to slash the petrol prices by INR 15 per litre. With global prices of crude and petrol-diesel still rising, any relief will be possible only through Government intervention However, the Government has ruled out any ad hoc solution.

"The oil price has increased by $30 a barrel since last July as a result of OPEC (the Organisation of the Petroleum Exporting Countries) and Russian Federation limiting production to reduce an oversupplied market".

In a series of tweets, the former finance minister said the bonanza to central government is Rs25 on every litre of petrol and this money rightfully belongs to the average consumer.

Talking to reporters here today, Gujarat Deputy Chief Minister Nitin Patel said that the state government had already provided a relief to the people by reducing Value-Added Tax on fuel previous year.

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"Even though the oil price was higher then (around $120 a barrel) today's weaker exchange rate will lead to similar prices at the pumps". Prices of diesel and petrol in India have surged to a record high. Basically, the problem is "taxes" which are imposed by the government on petrol and diesel. The cost of petrol in Delhi today is at Rs 77.47/litre, and those having diesel cars will have to dish out Rs 68.53 per litre.

The government is seriously considering the matter of rising oil prices and is looking to resolve the issue in the coming days. Rates vary from state to state depending on the incidence of local sales tax or VAT. "We believe all petroleum products should come under the goods and services tax (GST)", said Sanjiv Singh, chairman of IOC.

The centre has held talks with the oil companies as part of controlling the price. During the Karnataka elections, oil marketing firms had opted for a freeze in prices for 19 days.

"Maharashtra got in the four years of this central government what the state couldn't get in the past". The prices have touched a record high. Currently, petrol is taxed at a little over 100 percent and for diesel, the taxes come at around 66.48 percent.

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